Legis Daily

SAFE Lending Act of 2019

USA116th CongressHR-1509| House 
| Updated: 3/5/2019
Suzanne Bonamici

Suzanne Bonamici

Democratic Representative

Oregon

Cosponsors (1)
Elijah E. Cummings (Democratic)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Stopping Abuse and Fraud in Electronic Lending Act of 2019 or the SAFE Lending Act of 2019 This bill revises requirements related to consumer financial protection and small-dollar lending, including matters concerning remotely created checks, electronic fund transfers, registration of small-dollar lenders, overdraft fees, and the collection of personal information. Under the bill, remotely created checks may only be issued by a person specifically designated in writing by a consumer and provided to the consumer's depository institution. (A remotely created check is a check not issued by the bank and not signed by the account owner.) A voluntary agreement to repay a small-dollar consumer credit transaction by an electronic fund transfer is subject to certain protections, including the right of the consumer to stop payment. Small-dollar consumer credit providers must register with the Consumer Financial Protection Bureau. Any small-dollar consumer credit transaction is subject to the laws of the state in which the consumer resides. The bill also prohibits overdraft fees on prepaid accounts.
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Timeline
Mar 5, 2019

Latest Companion Bill Action

S 116-656
Introduced in Senate
Mar 5, 2019
Introduced in House
Mar 5, 2019
Referred to the House Committee on Financial Services.
  • March 5, 2019

    Latest Companion Bill Action

    S 116-656
    Introduced in Senate


  • March 5, 2019
    Introduced in House


  • March 5, 2019
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Related Bills

  • S 116-656: SAFE Lending Act of 2019
Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightConsumer creditConsumer Financial Protection BureauGovernment studies and investigationsIndian social and development programsInterest, dividends, interest ratesInternet and video servicesInternet, web applications, social mediaLicensing and registrationsRight of privacy

SAFE Lending Act of 2019

USA116th CongressHR-1509| House 
| Updated: 3/5/2019
Stopping Abuse and Fraud in Electronic Lending Act of 2019 or the SAFE Lending Act of 2019 This bill revises requirements related to consumer financial protection and small-dollar lending, including matters concerning remotely created checks, electronic fund transfers, registration of small-dollar lenders, overdraft fees, and the collection of personal information. Under the bill, remotely created checks may only be issued by a person specifically designated in writing by a consumer and provided to the consumer's depository institution. (A remotely created check is a check not issued by the bank and not signed by the account owner.) A voluntary agreement to repay a small-dollar consumer credit transaction by an electronic fund transfer is subject to certain protections, including the right of the consumer to stop payment. Small-dollar consumer credit providers must register with the Consumer Financial Protection Bureau. Any small-dollar consumer credit transaction is subject to the laws of the state in which the consumer resides. The bill also prohibits overdraft fees on prepaid accounts.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 5, 2019

Latest Companion Bill Action

S 116-656
Introduced in Senate
Mar 5, 2019
Introduced in House
Mar 5, 2019
Referred to the House Committee on Financial Services.
  • March 5, 2019

    Latest Companion Bill Action

    S 116-656
    Introduced in Senate


  • March 5, 2019
    Introduced in House


  • March 5, 2019
    Referred to the House Committee on Financial Services.
Suzanne Bonamici

Suzanne Bonamici

Democratic Representative

Oregon

Cosponsors (1)
Elijah E. Cummings (Democratic)

Financial Services Committee

Finance and Financial Sector

Related Bills

  • S 116-656: SAFE Lending Act of 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightConsumer creditConsumer Financial Protection BureauGovernment studies and investigationsIndian social and development programsInterest, dividends, interest ratesInternet and video servicesInternet, web applications, social mediaLicensing and registrationsRight of privacy